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When should people update their wills?

On Behalf of | Jan 13, 2023 | Estate Planning |

Many people plan ahead in Miami and start their estate plans early in life. There are many reasons it is a good idea to start an estate plan early in life. One of the most important is to ensure young children are properly cared for if the parents pass away far too early. However, people’s circumstances will change throughout their lives.

While people adapt to the changes and live life accordingly, they may forget to review their estate plans to see how the changes in life affect them. People may no longer want certain beneficiaries to receive their property. Other times, the people named as personal representatives may no longer be available.

Some of the changes in circumstances that should prompt a review of estate plans include, but are not limited to:

  • The birth of a child
  • When children become adults or have additional needs
  • Death or serious injury or illness to a named guardian for people’s minor children
  • A marriage or divorce
  • Buying a new house or other major asset
  • Receiving a large inheritance or other large sum of money
  • Death or change in circumstances to beneficiaries, executors or trustees
  • Starting or closing a business
  • Large changes to investments
  • Changes to federal or state tax law, which affects estates

How do these changes affect my estate plan?

These types of changes will likely change what people want in their wills and what they want to occur after they pass away. The changes also may necessitate that people add to their estate plan by creating trusts instead of just having a will. They may need special needs trusts or other specialized trusts to ensure their children are well cared for after they pass away.

Life is unpredictable and circumstances can change quickly in Florida. People often focus on the immediate needs created by the changes, but it is important that people also review their estate plans as well. Experienced attorneys understand how to make the necessary changes and may be able to guide one through the process.